CL_F Short Term Elliott Wave: Pullback Still expected to Continue

Short Term CL_F Elliott Wave forecast suggests that the rally from 11/14 low
is unfolding as a double three where wave ((w)) ended at $49.2, wave ((x))
ended at $44.82. and wave ((y)) of W is proposed complete at $52.43. Down from
there, wave (w) ended at $50.28, and wave (x) bounce ended at $51.2. While
bounces stay below $51.2, and more importantly below $52.43, CL_F is expected
to continue lower towards $48.49 - $49 area to complete wave ((w)). Afterwards,
oil should bounce in wave ((x)) in 3, 7, or 11 swing to correct the decline
from $52.43 peak before turning lower 1 more leg in wave ((y)) of X.

We like neither buying nor selling Oil at this stage, but expect buyers to
appear later after the next leg wave ((y)) of X pullback is complete as far
as pivot at 11/14 low ($42.21) remains intact. To get an estimated area where
wave X pullback may complete, we can use 50 - 61.8% fibonacci retracement of
the rally from 11/14 low, which comes at $46.11 - $47.31.

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